Sqirlz Morph is free morphing and multi-morphing software for Windows
Sqirlz Morph allows you to mark features on several images, and the program mixes the images so that each feature on one image moves smoothly to the corresponding feature on the other images - a technique widely used in the film industry.
Multi-morphing is available - any number of images can be morphed together, so try mixing all your family's faces at the same time!
Morph animations can be saved as Macromedia Flash (SWF) files, AVI video clips, and bitmap and JPEG files.
Version 1.5 allows you to morph one or more AVI videos as well as still images, and has a morph transition 'smoothing' option.
Version 1.7 permits selection and editing (move, delete, copy/paste etc) of a group of Control Points with a single operation.
http://www.xiberpix.net/SqirlzMorph.html